Green Solvents & Bio Solvents - Global Market Outlook (2016-2022)

According to Stratistics MRC, the Global Green Solvents & Bio Solvents market is accounted for $5.30 billion in 2015 and is expected to reach $9.56 billion by 2022 growing at a CAGR of 8.8%. The increasing applications of bio-based solvents in different industries are driving the market growth. But, the high viscosity of green solvents with vital mass transformation for an application, which leads to slow reaction and increasing production time, acts as a restraining factor for the market growth. The increasing safety regulatory framework is augmented to growing demand for bio and green solvents.

Methyl Soyate Solvents segment in product type is estimated to grow exponentially over the period, apparently due to the successful replacement of industrial solvent with the bio-solvents. Moreover, cosmetics and paints & coatings segment is expected to grow rapidly on account of growing demand for green and bio-solvents. North American market is estimated to dominate the market, whereas, Asia Pacific is expected to grow at highest CAGR due to construction initiatives and government initiatives regarding health and environment.

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